Cushman & Wakefield announced today that it has arranged a $35 million refinancing for One Washington that was acquired in 2013 by The Georgetown Co., a leading developer and owner of properties nationwide. The seven-year interest-only financing was provided by PNC Bank.
One Washington is a well-recognized, 18-story, 155,702 rentable square foot, boutique office building located in the Government Center area of Boston’s dynamic Financial District. The property, which is fully occupied by a total of 21 tenants, features two penthouse floors, highly visible retail on the ground floor, roof terraces on the fifth floor, a finished and leased basement, and a highly-desirable, covered parking lot in the sub-basement. Originally built in 1972, this institutional-quality post-modern asset was most recently renovated in 2006, with nearly $9 million spent in upgrades.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Jay Wagner and Sridhar Vankayala, served as exclusive advisors to The Georgetown Company, LLC.
“Lenders were attracted to the property’s central location, diverse tenant roster, strong sponsorship and relative low basis to value,” said Mr. Alascio, a Cushman & Wakefield Managing Director.
“The dynamic Washington Street corridor is a fantastic location and we look forward to further improving the property,” said Jonathan Schmerin, Managing Principal of Georgetown. “Cushman & Wakefield has been a valuable partner throughout this process and we‘re very pleased with their exceptional work for us.”